‘To the moon!’: Elon Musk, Dogecoin, and the political economy of charismatic leadership

Dominik Zelinsky

Journal of Cultural Economy, 2024, vol. 17, issue 3, 297-313

Abstract: This article investigates a neglected aspect of charismatic authority: the problem of economic practices of charismatic leaders and their communities. Drawing on Weber’s classical theory of charisma, I argue that charismatic communities and their ideologies economically operate on principles of gift and bounty. I demonstrate the value of this analysis on a contemporary case of Elon Musk’s charisma and his involvement with the Dogecoin cryptocurrency through Twitter. Through analysis of Musk’s performances and his admirers’ online activity, I argue that to those who believed in Musk, his involvement constituted either a gift to the community or a bounty-hunter-like feat that further enhanced his charismatic authority.

Date: 2024
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DOI: 10.1080/17530350.2024.2302177

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